MSC.Software Corp., a Santa Ana developer of software to simulate product performance, said Friday it plans to sell 3.5 million shares to raise $58.1 million, after expenses, for general purposes.
The company's estimate on proceeds was based on a price $17.60 a share, according to a document filed with the Securities and Exchange Commission. MSC.Software stock fell 29 cents Friday to close at $17.31 a share on Nasdaq.
MSC.Software said some of the proceeds may be used to repay debt, including bank loans or debt securities. The company also may devote some funds to capital expenditures or acquisitions.
The number of MSC.Software shares outstanding will increase almost 24% to 18.35 million.